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Here are the big questions about the move, which led to a slide in shares of Chinese EV makers on Thursday:WHY EXPORT TO EUROPE AND HOW MUCH HAS IT GROWN? That is mainly due to Beijing's decade-old industry promotion policy of incentives and subsidies that enabled China to become the world's biggest EV market and control the global EV supply chain, including raw materials. The single largest exporter is Tesla, accounting for 40% of China's EV exports between January and April, U.S. thinktank the Center for Strategic and International Studies says. Chinese state subsidies for electric and hybrid vehicles totalled $57 billion between 2016 and 2022, consultants AlixPartners have estimated. It paid out nearly $15 billion to encourage EV purchases through 2021, China Merchants Bank International has estimated.

Persons: Annegret, Bill Russo, EVs, BYD, AlixPartners, Brenda Goh, Ellen Zhang, Miyoung Kim, Clarence Fernandez Organizations: REUTERS, Rights, European Commission, EV, EU, Volkswagen, Renault, BMW, WHO, Center for Strategic, International Studies, Volvo, SAIC's, MG, HK, China Merchants Bank International, Thomson Locations: Berlin, Germany, China, Shanghai, Europe, United States, CHINA, Netherlands, Denmark

☆ China 2023 GDP growth forecast cut to 5.0%, 4.5% in 2024 - Reuters poll
▼ + stars: | 2023-09-12 | by ( Vivek Mishra | ) www.reuters.com time to read: +4 min

"The primary culprit is the property sector. This source of growth has now evaporated and won't be coming back," said Julian Evans-Pritchard, head of China economics at Capital Economics in Singapore. The Sept. 4-11 Reuters poll of 76 analysts, based in and outside mainland China, predicted the economy would grow 5.0% this year, lower than 5.5% forecast in a July survey. While recent data showed signs of improvement in the economy, some economists said more policy support was needed for the ailing property sector. A strong majority of economists who answered an additional question said the risks to their 2023 and 2024 GDP growth forecasts were skewed to the downside.

Persons: Julian Evans, Pritchard, Bingnan Ye, Teeuwe Mevissen, Vivek Mishra, Devayani, Anant Chandak, Veronica Khongwir, Jing Wang, Kevin Yao, Ross Finley, Sam Holmes Organizations: Capital Economics, China Merchants Bank, People's Bank of, Rabobank, Thomson Locations: BENGALURU, China, Singapore, Beijing, Hong Kong, People's Bank of China, Netherlands, Bengaluru, Shanghai

☆ Tesla to hit record quarterly sales in China even as market share shrinks - analysts
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, June 28 (Reuters) - Tesla (TSLA.O) is set to hit another record quarter with its China sales while it faces mounting pressure from local competitors such as BYD eating into its share in the world's largest auto market, analysts say. Deutsche Bank predicted Tesla's China sales to hit 153,000 units in the second quarter, while globally it could sell 448,000 units in total. Tesla will announce global sales numbers over the weekend, while China sales will be available from association data in the first week of July. It has outsold Tesla in Singapore in the first five months while its Atto 3 outsold Tesla's Model 3 in Australia in May. As its Shanghai plant achieves an annual production capacity of over 1 million units, Tesla is selling into new markets in the region including Thailand and Malaysia with China-made cars.

Persons: Shi Ji, Shi, Tesla, Yale Zhang, BYD, Zhang Yan, Brenda Goh, Lincoln Organizations: U.S, China Merchants Bank International Securities, Guangzhou Automobile Group, Deutsche Bank, Automotive Foresight, EV, HK, Thomson Locations: SHANGHAI, China, Shanghai, North America, Singapore, Australia, Thailand, Malaysia

☆ Nio cuts prices for its cars — and delays business expansion plans
▼ + stars: | 2023-06-12 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Tesla and other electric car companies in China had cut prices earlier this year in a bid to attract buyers. The analysts cut their rating on Nio shares to hold, from buy. Looking ahead, Nio said that it aimed to deliver at least 20,000 cars a month in the second half of the year. watch nowNomura analysts said they expected the car company can improve its deliveries with new models, like the ES6 SUV and ET5 touring sedan. Nio's cash and cash equivalents fell below $1 billion at the end of 2019.

Persons: William Li, Hector Retamal, Nio, William Li's, Tesla, Li, Nomura, Mizuho Organizations: HK, Afp, Getty, China Merchants Bank International, Monday, Nomura, State Council, EV, Mizuho Securities Locations: Shanghai, BEIJING, China, EU

☆ Tesla delivers 88,869 China-made EVs in March - CPCA
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Tesla (TSLA.O) sold 88,869 units of China-made electric vehicles (EV) in March for both domestic sales and exports, up 35.0% from a year ago, data published by the China Passenger Car Association (CPCA) showed on Tuesday. That was up 19.4% from February, when the U.S. electric car maker delivered 74,402 China-made Model 3 and Model Y electric cars. By comparison, BYD sold 206,089 units last month with its Dynasty and Ocean series of EVs and hybrids, up 97.5% from a year ago, CPCA data showed. BYD took up 41% in that segment, CMBI data showed. Reporting by Zhang Yan, Brenda Goh, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Production is expected to have risen as the automaker ramped up production at new factories in Texas and Berlin, and as China production recovered from a COVID-19 lockdown hit. Analysts expect Tesla to further lower prices as many automakers have matched the price cuts and concerns about a weakening economy persist. Musk said in January that the price cuts stoked demand, playing down concerns about a weak economy. In China, Tesla's retail sales totaled 106,915 units in the year to March 19, one of the best quarters on record, according to data from China Merchants Bank International. Tesla's price cuts in China ignited a price war, with Chinese rivals including BYD (002594.SZ) and Xpeng (9868.HK) dropping prices.

☆ Exclusive: BYD reduces shifts at two electric vehicle plants in China - sources
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +3 min

BYD also reduced shifts at its Shenzhen plant, which makes its Han sedans, from three shifts per day to two per day, four people with knowledge of the development said. BYD did not give a reason for the reduced shifts in its planning memo reviewed by Reuters. Reuters was not able to determine how long the reduced shifts would last for BYD and if any of its other three assembly plants in China were affected by production schedule changes. It was also not clear how the reduced shifts would translate into production volume changes. To spur demand, BYD began offering discounts for its best-selling Yuan Plus and Seal EVs in March.

☆ Chinese EV comptition hots up as BYD offers discounts
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] BYD electric vehicles (EV) are displayed at a car dealership in Shanghai, China, February 3, 2023. The discounts will be for buyers who place orders for the Song Plus and Seal models between March 10 and March 31, the company said on its social media account. In return for an 88 yuan ($12.64) deposit, buyers for a Seal EV can get 8,888 yuan deducted from the price, while for Song Plus models, the discount is 6,888 yuan. It sold 34,621 Song Plus SUVs and 14,372 Seal sedans in the first two months, according to China Passenger Car Association. The car association data showed Tesla (TSLA.O) sold 39,710 Model Ys and 21,056 Model 3s in January and February combined.

☆ China's Jan-Feb passenger cars sales down 20% - CPCA
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI/BEIJING, March 8 (Reuters) - China's passenger vehicle sales fell 20% in the first two months of this year, industry data showed on Wednesday, underscoring weak demand in the world's biggest auto market even as some car manufacturers offer reduced prices to revive demand. Sales in February, 1.42 million units, were 10.4% higher than a year earlier, a low base period when a week-long Lunar New Year holiday reduced business activity, the China Passenger Car Association (CPCA) said. Sales of new energy vehicles (NEVs), which include pure battery electric cars and plug-in hybrids, grew faster than the overall market, up 61% in February on a year earlier. NEVs accounted for more than 30% of new car sales. Tesla accounted for 11.5% of China's battery electric car sales in February, little changed from 11.3% a year before, indicating a waning effect of price cuts it implemented in early January.

☆ Tesla sold 74,402 China-made EVs in February, up 32% year over year
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: +1 min

Tesla sold 74,402 China-made electric vehicles in February, up 31.65% from a year earlier, China Passenger Car Association data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. BYD's market share increased to 37% from 27%. As competition intensifies, Tesla aims to increase its exports and expand into new markets to digest output from its factory in Shanghai.

☆ Tesla sold 74,402 China-made EVs in February, up 32% y/y
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tesla is seen at a Tesla Supercharger station October 21, 2020. REUTERS/Arnd WiegmannCompanies Tesla Inc FollowSHANGHAI, March 3 (Reuters) - Tesla (TSLA.O) sold 74,402 China-made electric vehicles (EV) in February, up 31.65% from a year earlier, China Passenger Car Association (CPCA) data showed on Friday. That was up 12.6% from January, when the U.S. electric car maker delivered 66,051 China-made Model 3 and Model Y electric cars. Rival BYD with its Dynasty and Ocean series of EVs and hybrids sold 191,664 vehicles last month, CPCA data showed. It has started delivering cars to Thailand and set up its first Supercharger station in there in February.

☆ Tesla's China sales slow as price-cut boost wanes
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +3 min

The U.S. automaker nearly doubled weekly retail sales in the week of Feb. 20 to 10,703 vehicles versus a week prior, showed data from China Merchants Bank International (CMBI) on Tuesday, which tracks weekly retail sales based on car insurance registrations. Sales are slowing in part due to an ageing product line, said Yale Zhang, managing director at Shanghai-based consultancy Automotive Foresight. Consumers are also delaying purchases while waiting to see if other EV makers cut prices, Zhang said. Meanwhile, the market share of BYD Co Ltd (002594.SZ), surged to 37% from 27%, CMBI data showed. Smaller EV players such as Leap Motor and Great Wall Motor Co Ltd's (601633.SS) Ora are among those whose market share shrank.

☆ Tesla raises prices of some Model Y versions in China - website
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowSHANGHAI, Feb 17 (Reuters) - Tesla (TSLA.O) raised prices of performance and long-range versions of its Model Y mid-size sport utility vehicles (SUV) in China on Friday, according to its Chinese website. The starting prices of the two versions of Model Y in China increased by 2,000 yuan each to 311,900 yuan ($45,473) and 361,900 yuan, respectively, information on the website showed. It is the second time that Tesla has raised prices since it had lowered prices of all Model 3 and Model Y cars in its second-largest market by 6% to 14% in early January. The performance Model Y remains 9% cheaper than before the price cuts, while the long-range version is 13% cheaper. In contrast, Model Y sales held steady.

☆ Explainer: What's known about Tesla's "Project Highland"?
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

The automaker has not commented on the new version, codenamed Highland. With the new model, Tesla is aiming to cut production costs and boost the appeal of the five-year-old electric sedan, Reuters reported in November. Building permits filed with the city of Fremont concerning changes to its factory have referenced "Highland" since last June. Apart from the Cybertruck, it is the only new model that Tesla is retooling assembly lines for this year. Tesla fans and armchair analysts speculate that "Highland" could be a reference to Ford Motor Co's (F.N) Highland Park plant, where Henry Ford launched his moving assembly line.

☆ Exclusive: Tesla to raise Shanghai output after price cuts stoke demand -memo
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Feb 1 (Reuters) - Tesla (TSLA.O) plans to step up output at its Shanghai plant over the next two months to meet demand ignited by aggressive price cuts on its best-selling models, according to a planning memo seen by Reuters and a person with knowledge of the plan. The automaker plans to produce a weekly average of nearly 20,000 units at its Shanghai factory in February and March, according to the memo, which detailed output plans for Tesla's most productive and profitable manufacturing hub. On a conference call last week to discuss Tesla's fourth-quarter results, Chief Executive Elon Musk said orders were roughly double production in January after global price cuts. Tesla's price cuts in China have sparked what analysts have described as a price war, as Chinese automakers Xpeng and Seres' Aito have followed the company in cutting prices. Tesla's Shanghai plant produces vehicles for the China market and for export to Europe.

☆ Tesla's retail sales in China surged after price cut -brokerage data
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022. Total sales were 12,654 vehicles over that period, CMBI's data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.

☆ Tesla's retail sales in China surged after price cut, brokerage data says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Jan 17 (Reuters) - Tesla's (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed. Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022 to 12,654 vehicles, CMBI's data showed. That compared to a 14.5% year-on-year decline in overall retail auto sales in China in the same week, although sales of electric and hybrid vehicles in the country increased 36.5%, the data showed. After cutting prices in China and other Asian markets, Tesla followed with price cuts in the United States and Europe. Xpeng's sales fell 36% from a year earlier in the week of Jan. 9 to Jan. 15, CMBI data showed.

☆ China passenger vehicle sales rise in Dec, Tesla sales slump 41% - data
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +3 min

He predicted that China's passenger vehicle sales were likely to remain largely flat or slightly up in 2023. CPCA said on Tuesday that China's passenger vehicle sales in December rose 2.4% from a year earlier to 2.19 million units. Tesla saw its December sales in China plunge 41% from a year earlier despite offering deep discounts. Most other EV makers in China are still loss making, including Nio (9866.HK), Xpeng (9868.HK) and Li Auto (2015.HK). CPCA expects sales of new energy cars, mainly EVs, to hit 8.5 million units in 2023, accounting for 36% of total new car sales.

☆ Tesla slashes Model 3, Model Y prices in China for second time in 3 months
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

On Friday, the U.S. automaker slashed prices for all versions of its Model 3 and Model Y vehicles in China by between 6% to 13.5%, according to Reuters calculations based on the prices shown on the website. The starting price for Model 3, for instance, was cut to 229,900 yuan ($33,427) from 265,900 yuan. The Model 3 and Y have been the only models it delivers in China, though on Friday it announced prices for the Model S and Model X in China. The China prices of the Model 3 and Model Y cars are now 24% to 32% lower than in the United States, Tesla's largest market, Reuters calculations showed, due to reasons including different material and labour costs. Tesla will sell the Model S Plaid and Model X Plaid in China from 1,009,900 yuan and 1,039,900 yuan, respectively, nearly 10% higher than its U.S. prices, its website showed.

☆ Tesla, EV rivals absorb costs after China pulls plug on subsidy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Tesla electric vehicle is seen through a charging point displayed during a media day for the Auto Shanghai show in Shanghai, China April 20, 2021. The subsidy accounted for around 3% to 6% of the cost of the best-selling electric vehicles in China last year, a Reuters analysis found. It paid out nearly $15 billion to encourage EV purchases through 2021, according to an estimate by China Merchants Bank International. Tesla, meanwhile, is defending its market share by selling the basic, rear-wheel drive Model Y for 288,900 yuan ($42,053.63) in China, unchanged from December. China's Association of Automobile Manufacturers said in December it expected sales of EVs and plug-in hybrids to grow by 35% in 2023, accounting for a third of total vehicle sales.

☆ China Nov passenger vehicle sales drop 9.5%, first fall in six months - CPCA
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +3 min

Vehicle sales last month fell 9.5% from a year earlier to 1.67 million units, the first decline since May, according to the China Passenger Car Association (CPCA). The association said it expects passenger vehicle sales to reach 20.6 million units next year, flat from 2022, a forecast more optimistic than some street views. Analysts at China Merchants Bank International expect retail passenger vehicle sales in China, the world's biggest car market, to drop 6% next year due to the expiry of a purchase-tax cut. But the incentives did little to boost vehicle sales in recent months, as many COVID restrictions remained in place. November sales of Toyota Motor Corp (7203.T) in China fell 18.4% from a year ago, while Nissan Motor (7201.T) saw a 52.5% drop in its sales.

☆ Tesla sold 100,291 China-made vehicles in Nov -Xinhua
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla Inc (TSLA.O) delivered 100,291 China-made electric vehicles (EVs) in November, the highest monthly sales since its Shanghai factory opened in late 2020, a Xinhua report said on Monday. The number marks a 40% increase from October and 89.7% more than a year earlier after the U.S. automaker ramped up output at the Shanghai plant, cut prices for the best-selling models and offered incentives to Chinese buyers. However, BYD (002594.SZ) led all brands in China's November EV sales at 229,942 electric cars including plug-in hybrids and pure electric vehicles, three times more than a year earlier and more than double Tesla's tally, China Passenger Car Association data shows. BYD was the top-selling car brand in China in the first four weeks of November, data from China Merchants Bank International shows, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world's largest auto market. Reporting by Zhang Yan, Brenda Goh and Beijing Newsroom Editing by Alison Williams and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov - sources
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Dec 5 (Reuters) - Tesla (TSLA.O) plans to cut December output of the Model Y at its Shanghai plant by more than 20% compared to November, two people with knowledge of the matter said on Monday. Reuters was not able to immediately ascertain the reason for the December reduction in the electric vehicle (EV) giant's latest production plan. Tesla did not immediately respond to a request for comment on the planned cut, first reported by Bloomberg. Tesla added to its electric vehicle inventory in Shanghai at its fastest pace ever in October, according to China Merchants Bank International (CBMI) data. Globally, Tesla had planned to push production of the Model Y and Model 3 EVs sharply higher in the fourth quarter as newer factories in Austin and Berlin ramp production, Reuters reported in September.

☆ Dow dips ahead of Powell speech; Nasdaq kept afloat by growth stocks
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained 17.5% in the last two months, while the Nasdaq index (.IXIC) has added 4.2%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Declining issues outnumbered advancers for a 1.15-to-1 ratio on the NYSE and a 1.09-to-1 ratio on the Nasdaq. The S&P index recorded three new 52-week highs and one new low, while the Nasdaq recorded 51 new highs and 120 new lows.

☆ Wall St set to open flat as focus turns to Powell speech
▼ + stars: | 2022-11-30 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

The Dow Jones Industrial Average (.DJI) has gained nearly 18% in the last two months, while the Nasdaq index (.IXIC) has added about 4%. Traders expect the Fed to increase rates by 50 basis points in December, with the rates peaking in June 2023. The data is expected to show 200,000 job additions in November, compared with 261,000 jobs in the prior month. So I don't really make much out of that, I'd like to see what Powell has to say," Saluzzi added. Biogen Inc (BIIB.O) jumped 4.3% after its experimental Alzheimer's drug slowed cognitive decline in a closely watched trial.

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